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week is provided by -- ♪ >> wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. >> we know why we're here. to charlotte a greater path, in the air and in our factories. >> to find cleaner, more efficient ways to power flight. >> and harness our technology for new energy solutions. >> around the globe, the people of boeing are working together to build a better tomorrow. >> that's why we're here. >> additional corporate funding is provided by prudential additional funding is also provided by the annenberg financial. foundation, the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. once again, live from washington, moderator gwen ifill. gwen: good evening. its hard to believe, but weve been here before. first, negotiators pledge to work together then they test what the other side is willing to give. then they submit plans they know the other side will reject. and then, only then, a deal is struck. maybe, but not yet. and with every day that passes, congress and the white hous
for the koirnlt tree. but speaker boehner said this, the democrats plan to slow walk our economy to the edge of the fiscal cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts. and an indefinite, infinite increase on the debt limit, like forever. four days ago we offered a serious proposal, based on testimony of president clinton's former chief of staff. since then, there's been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the cliff. instead of cutting spending, the president wa
this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less soc
of an economy that way. i think both sides now are going to have to make some kind of compromise. the republicans have me a in mind because i have a small business. 35% -- all of the other taxes that become involved, that small company cannot exist. who's to say it will not go to 69.4%? when will it stop? thank you very much. host: i also want to get david in on the democrats' line. caller: good morning. thank you to suspend for taking my call. sometimes i feel like c-span has changed their name to r-span if you know what i mean. a lot of right wing things going on. i think you are not quite as biased as you used to be. i hope we do go over the fiscal glove. the reason being, -- go over the fiscal cliff. the reason being, all bush era tax cuts will expire. the senate has already passed the bill for the middle class tax cuts to continue. let the republicans in the house go ahead and fight for the 2% when all of the -- when all will go into effect. take the senate's version. i think they have been sitting on it for eight months in the house. i think it is terrible to treat the amer
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
for the economy. and, frankly, i find it difficult to see how it's better political ground even for the gop. i figured, i didn't get it. so i figured this was beyond my small political brain to understand. so i asked some of my smarter hill republican friends what the theory was here. they told me the idea is while the president can permit the economy to fall over the fiscal cliff, or curb, whatever you want to call it, he can't allow us to default on our debt. that would, like, destroy the economy. that gives republicans a stronger hand or so they think. but really, think about that. here's how it would go. later this month, republicans would, by voting present, which everyone would think was a bit weird, permit the bush tax cuts to expire for income over $250,000. that would let president obama pocket $1 trillion in tax revenue and secure a win on his key priority in the talks. but they would do nothing else. at the end of the year, we would still go over the fiscal cliff. remember, the bush tax cuts are one of the at least stimulative policies in the negotiations. according to the economic
of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. advil pm® or tylenol pm. the advil pm® guy is spending less time lying awake with annoying aches and pains and more time asleep. advil pm®. the difference is a better night's sleep. share "not even close." share "you owe me..." share "just right." the share everything plan. sharable data across 10 devices with unlimited talk and text. get a droid razr m by motorola for $49.99. >>> typically a doomsday plan, it is meant to help you survive the thing that happens after doomsday. during the cold war, the u.s. had a doomsday plan meant to protect the president and ensure the continued functions of the u.s. government. in the event of a nuclear attack. so nuclear attack, your doomsday happens then you've got your doomsday plan to try to survive it. in 2005, congress passed another doomsday plan m
.7%. the economy added 146,000 jobs, not great but good. a third of that came from the retail sector. 53,000 jobs added. professional and business services up 43,000. leisure and hospitality up. construction, though, lost 20,000 jobs. we should note that jobs numbers were revise d downward, though, for september and october. in september it was revised from 148,000 gain to 238,000. went from 138,000 to 132,000. this month, the 7.7 is a full point lower than where we were at this time last year. so what are we supposed to make of these numbers and does the november report provide us a real sense of where this recovery is right now? let's bring in the man we like to bring in every month, the chief economist for moody's analytics. mark, i have to start with this sandy impact. the labor department specifically put out a statement saying our survey response rates and the affects ee eed states. it did not affect estimates for november. do you believe that? >> i'm skeptical. i mean, new yorkers worked really hard and got it together gracefully given the circumstances. i suspect when we get all the data
's no progress to report. when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. >> welcome back to "hardball." that was speaker boehner's downbeat assessment of fiscal negotiations. he went on putting blame squarely on the president. let's listen. >> this president has adopted of a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. it's time for the president, if he's serious, to come back to us with a counteroffer. >> shortly after house ni mort leader nancy pelosi put the plame back on republicans. let's listen. >> the only obstacle standing in the way of middle income tax relief are the republicans unwillingness to ask the top 2% to pay their fair share. this is a moment of truth. the clock is ticking. christmas is coming, the goose is getting fat, but in many homes across america it's very -- a very, very lean time. >> and today's jobs report showing 146,000 jobs added in november and unemployment dipping to 7.7% may give the president some leverage in negotiations with boehner. but wh
that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, jus
back this morning, a new report finds that exporting nat gas will actually help the u.s. economy, but not every day is a winner. >>> vice chairman alan blinder will tell us what he thinks. >>> a new study from the federal government shows exporting u.s. natural gas overseas has the potential to reshape the global energy markets. the obama administration has said the study will be central to the decision on whether to export. he said exporting the gas would be a bigger impact on the economy. >> slap in the face of dow chemical. of coke, not coke the beverage company. but this was something that was hotly disputed within the romney campaign. he really let this stuff go because the romney campaign had some very big givers that were chemical companies. >> do we know, say, very bad, how much will prices conceivableably go up if we become an exporter of natural gas? is it that great a difference? >> we burn offer more natural gas than we use. burn off, in other words literally, you see those flames, we flare more than we use. so we got a real excess of this stuff. >> the government say
of popping off of the fha. if you look at where we stand right now, as an economy, we have a very modest recovery. it is most likely going to happen. connell: the significance of it is, in your mind, what? >> what needs to happen is we need to take note that we are subsidizing the fha again. while the fha is great for lower income borrowers, we are still allowing people to buy properties where they want after they post on the property, they are upside down on our property. that is where we need to be cautious. connell: we talk about it all the time, the housing numbers that are showing improvement. if people are only putting down, you know, the 3.5%, are we getting ourselves into a similar hole to the ones we are trying to dig ourseeves out of? >> unfortunately, we may have. the loans that the fha have increased in the past ten years, has increased tenfold. when you look at that type of fan increase in the increased exposure for the fha, there are years were barely fha loans were written. today it is a very big percentage of the market. we need to prophet fha up short term and then refor
that are important to growing our economy, and if we're serious about protecting middle class families, we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one wrins pal i won't compromise on. >> good saturday morning to you, mike. >> hi, alex. >> let's talk about the time line. is there a realistic one in which this can all get done by the beginning of the year? >> i think there is, alex. i think people know the parameters of the year. it's just can they get there, do they have the political will to get there. more importantly, alex, do they have the votes to get there in the house of representatives. you heard the president. he says no compromise on this issue of raising taxes for the wealthy. there's one glimmer of hope, how much to hike taxes. as you know, clinton tax rates for wealthiest americans were 39.6%. that's what's going to happen at the beginning of the year. right now they are 35%. the president has been insisting all along those rates rise again but there's wiggle room here. president biden asked if it could be 37%, hedged on the question. even
in the same category for "back to work, why we need smart government for a strong economy." the returns for this race will be on february 10th when we'll find out who won. we'll be right back. >>> welcome back to "hardball." did republican efforts to suppress the vote backfire this time? in dozens of states they made efforts to keep people, especially minorities and poor people, from getting to the ballot box. they shortened early voting periods. well, it didn't work. minority turnout remained steady from 2008, and in some states it increased, like ohio. some civil rights leaders say it was those attempts at voter suppression that drove voters out to vote even if it meant standing in line for hours. what is clear is the republican party has a deeper problem right now. it's failing to attract minority voters largely due to the policies and the rhetoric some of its leaders and their cronies have been using. what's going on? what can the republican party do about it? big questions. j.c. watts, former u.s. congressman from oklahoma. and judith browne dianis. thank you so much. let me ask ju
cliff that's threatening our economy and threatening jobs, the white house has wasted another week. >> reporter: this morning in his weekly address, president obama is holding a hard line on raising rates for the wealthy. >> and if we're serious about protecting middle class families, then we're also go to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >> reporter: but how much higher could be the key to compromise. the top tax rate is set to rise from 35 to 39.6% on january 1st. when asked if a middle ground could be found, both boehner and bide enshowed wiggle room. >> the top brackets have to go up. this is not a negotiatiable issue. theoretically we could negotiate how far up. >> at a local restaurant, the owner has seen enough of washington gridlock. >> i wish those lawmakers would get their acts together and get it done and try to help everybody. it would be good if they could do it before the holidays are over. >> reporter: she said it, alex. now john boehner after that comment yesterday he walked back. he took the h
.ncicap.org-- >> for the record, the unemployment rate has dropped to 7.7%, the economy adding 146,000 jobs in november. we want to keep that in mind as we head towards the fiscal cliff. only four in 10 americans expect the white house and congress to reach a deal on the cliff before the first of the year, and if this goes south, a 53% of the american people are prepared to blame republicans. the president's job approval rating is well over 50%. congress' approval rating is under 20%. why what a the president back down? >> the president isn't interested in a balanced agreement, not particularly interested in avoiding a fiscal cliff, and clearly not been tested at all in cutting and spending. >> the senate minority leader says that what the president is interested in is getting as much taxpayer money has he can so that he can spend to his heart's content. with his approval ratings going up and congress' numbers at historic lows and the unemployment rate dropping, why with the president back down? charles? >> to some extent he is under estimating the damage she will suffer if -- he suffer if we go over the cliff.
weak economy, they still blame w. this isn't about right or wrong. that's what w. did and his crowd did. i want president obama to do what he looks like he's already doing, getting it done right and on time. he knows it's an unclear dimension, nobody knows, i don't know, how bad the whirlwinds will be if we fail to do this on time. and one thing for certain, there's no guarantee that a huge drop in faith by the world economic markets will be followed by a quick rebound. as i said, this is a real cliff, not a bungy jump. that's "hardball" for now. "politicsnation" starts with al sharpton. >>> thanks, chris. it didn't come from the white house, it didn't come from democrats, it came from senator jim demint. the tea party hero who famously made this vow with the president's health care law. >> if we're able to stop obama on this, it will be his waterloo. it will break him. >> guess what, it wasn't the president's waterlook but today he announced that he's leaving the senate to run a conservative think tank. and just like that, gone is is a man who represented all of the obstruction, th
. >>> we get a critical snapshot of the economy this morning. when we'll learn if hurricane sandy also devastated the nation's job market. >>> incredible crash. a jewelry store gets a drive-through. an employee inches from a very different outcome. >>> and 24/7? is round-the-clock shopping the next trend in holiday retailing? one megadepartment store is betting on it. >>> good friday morning, everyone. we do begin with breaking news out of japan right now. a strong earthquake hit the northeastern part of the country this morning. and it has triggered a tsunami warning. >> the quake measured a 7.3. it was centered in the pacific ocean. it was strong enough to cause buildings to sway in tokyo for several minutes. abc's akiko fujita is in tokyo with the very latest by phone. high, akiko. >> reporter: you're right. this quake hit about 5:18 p.m. local time. this is the largest quake we have felt in tokyo this year. to give you an idea of the intensity, in japan, they have a one to seven scale. this was about a five. it's a very strong quake, felt all the way out here. the big concern right
don't think it matters this is just a dog and pony show, the economy is in trouble. lou: thank you very much. appreciate it. on that happy note. >> thank you, lou. lou: what the bleep just happened. thank you. for us that is it good night from new york. neil: influential tea partier jim demint is leaving senate captain, and john boehner removing tea party party from all leadership posts first indicated it. stick a fork in him, the republican party as we know it is dead. i am neil cavuto, allow me to be so blunt to say, what else can you say about a light taken out of the party, republicans who 1 proudly school their tax drowned over decades, seeding that and then some over weeks, only real debate among the grand old party is how much to hike taxes, not if. i did not know they lost their backbone. starting 800 billion in tax hikes to match the president, shouldn't surprise anyone whether we doubled that to $1.6 trillion, that will become the new starts point for the president. new york times and front page story praising john boehner's grip to the party here, appears to be towing to
to 7.7%. the economy added 146,000 jobs last month, and that is one reason why today john boehner kind of, sort of maybe entertained the idea of giving president obama what he wants on tax rates, at least rhetorically. >> even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion deficits for as far as the eye can see. listen, washington's got a spending problem, not a revenue problem. >> joining me now are richard wolffe, the executive editor of msnbc.com and an msnbc political analyst, and robert reich, former labor secretary and a professor at the university of california berkeley. he is also the author of "beyond outrage." richard, i want to go to you first here. the president talked quite a bit in the election cycle. >> quite a bit. >> he did, period, about the fever breaking amongst republicans in congress . >> yes. >> it's been quite feverish of late, which is to say a lot of back and forth, a lot of hot air blown from the house caucus. i wonder if you think that fever might be breaking with the suggestion john boehner said, eve
we need smart government for a strong economy. the returns for this ration will be on february 10th when we'll find out who won. r heart health. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. is the same frequent heartburn treatment as prilosec otc. now with a fancy coating that gives you a burst of wildberry flavor. now why make a flavored heartburn pill? house garden and encourages we'll be right bachouse garden we'll be right bachouse garden we'll be right bac >>> welcome back to "hardball." did republican efforts to suppress the vote backfire this time? in dozens of states they made efforts to keep people, especially minorities and poor people, from getting to the ba ballot box. they shortened early voting periods. well, it didn't work. minority turnout remained steady from 2008 and in some states it increased, like ohio. some civil rights leaders say it was those attempt at voter suppression that drove voters out to vote even if it meant standing in l
our economy, and if we're serious about protecting middle class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >>> holiday hiring may have given a big boost to the jobs report released yesterday. retail hirers hired more people than any month on record since 1939. 146,000 jobs were added to the economy last month, and the unemployment rate fell to a four-year low of 7.7% partly because thousands have just simply stopped looking for work. >>> more good news for your wallet. gas prices are down to an average of $3.36. it is the 16th consecutive time the price has dropped. the highest price for a gallon of regular is in high where it's $4.02. >>> he served his party as a republican, and now charlie crist is a proud democrat. he posted a twitter photo showing his registration papers, showing he is proud and honored to join the party in the home of president obama. crist ran for the u.s. senate as an independent in 2010, but was defeated by marco rubio. some are speculating this move is in p
for the american economy. >> what great news, i think. don't you think so, mark mckinnon? i loved the president's tone there, talking about how a deal could be done. and i was critical of him when he did a campaign event up in philadelphia -- or pennsylvania a couple days ago when he wasn't talking to boehner. but if he's talking to boehner one on one and they're going to start this discussion, they go out and make statements publicly and then privately, i think it's a great step forward. >> i think it's a terrific development. i think that the president and boehner created a lot of chemistry over the years and that the distractions have come from other constituencies that have been in the room. i think that they both understand that this is important to both their legacies. and so they have an opportunity for them to just deal together one on one is a terrific development. >> and the president looking -- and you as a businessperson knows this, and i think we've all been in the position of negotiating and you say, okay, do we want to deal with him, or do we want to cut him out at the knees and
hit the economy hard. today we are hearing more from both the president and from republicans. with me now, nbc news white house correspondent mike viqueira. viq, does there appear to be any progress? >> reporter: i don't think so, craig, and we're watching it pretty closely. we thought perhaps after yesterday there would be. but this morning in his weekly address the president says no compromise. those top late rates for the w will raise one way or the other, but the wiggle room may be raise by how much. visiting a d.c.-area diner, vice president joe biden said if the gop were willing, the debt deal could be done in short order. >> it would take 15 minutes from the time the decision was made by the speaker of the house to pass and make permanent the middle-class tax cut. the president would probably have me sprint up to the hill to bring the bill down for him to sign. >> reporter: but even after the latest in a series of private calls with the president, house speaker john boehner says the white house is stone walling. >> when it comes to the fiscal cliff that's threatening our econo
. >> the concern people have is the world economy is in a very fragile state right now. i don't have to say what the problems of the eurozone have, they're very manifest. but the global economy as a whole, there's a lack of confidence, a worry about where it's going. so if you in america, and people have a lot of confidence in america in this regard, if you can sort out this issue, then even though that doesn't sort out all the problems of the american or global economy, it would be a big boost and give people a sense of confidence that there was -- you guys have got your act together. the decisions were being taken, and i think it will be good for you and good for us. so i hope you do it. i believe you will. i know right now there's bound to be tough negotiations. the president has been re-elected and i think that gives the situation its own special momentum. i hope you resolve it and then we're going to have to take some tough decisions over our way, too. >> very quickly. there was a cute video of hillary clinton here in washington over the weekend, and it had a clip from you in there. i'll pl
this one. that is good for the american economy. >> republicans believe the reason the president is going light on spending cuts and demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling c
this country back on track and cause our economy to get back on track? the good news is, if we can do a deal on the budget by compromising and coming together, then we can go after immigration and infrastructure and energy and education. the things that are still on the agenda that are crucial to moving this country forward. you know, as important as the debt bill is, it still isn't going to create jobs in the short term. you've got to do energy. we've got to do infrastructure. we've certainly got to do immigration. we owe that to the american people and to those children. there's so many things that we've got to do that if we can do this successfully and get it done and see the economy take off and an investment come into this country, then we go after the other four challenges and if we can do all those, he'll be an incredibly successful president and i think congress' approval rating will begin to rise again. >> joan, it still seems that some of the tea party types, including senator demint still thinks it was the messaging, not the substance that was wrong why they lost the election. lis
sounds] >> if the president really wants to avoid sending the economy over the fiscal cliff he's done nothing to demonstrate it. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues it's magic beans and fairy dust. [farting sounds] >> stephanie: all right. >> fairy dust goes very well with bourbon. >> stephanie: republicans were quick to say that boehner's plan was attracting criticism from the right particularly from jim demint of south carolina, tea party leader and as such, represented more of a compromise than obama's stance. uh no! nice try. demint said boehner's plan will destroy american jobs and allow politicians in washington to spend more. oh, please we're not falling for this. they think if they criticize the plan, oh, well it must be a good compromise then. nice try! 29 minutes after the hour. spongebob squarepants tom kenny, our buddy our pal next on "the stephanie miller show." you know who's coming on to me now? you know the kind of guys w
to pay additional fees. republicans claim that that will boost the economy and jobs. but democrats are calling it an attack on workers' rights. governor rick snyder has previously said that right-to-work is not on his agenda but he does plan on sign that next week. back on capitol hill steven spielberg is slated to attend "lincoln." poems president obama is hosting the event at the capitol visitor senator. after the screening, spielberg and louis along with 3 other actors will hold a q and a session with senators and their guests. more "bill press" is coming up after our break. see you then. i want the people who watch our show, to be able to come away armed with the facts, and the arguments to feel confident in their positions. i want them to have the data and i want them to have the passion. but it's also about telling them, you're put on this planet for something more. an impact beyond just informing. an impact that gets people to take action themselves. as a human being that's really important. this is not just a spectator sport. before the sneeze, help prot
's not real, even though economies predicted an increase of 93,000 and the unemployment rate holding steady at 7.9. >> yeah. >> stephanie: they are saying unemployment -- employment continueings to be held back by thor fear that the government fails to prevent the fiscal cliff, basically. one those challenges are taken care of, we expect the pace of recovery and job growth to begin to accelerate neck year said one of the key economists. and republicans don't want that. that's the problem. election season never ends for them. they are probably thinking woe can't have the economy turn around because that sets joe biden or whatever up perfectly. mickey you are on the "stephanie miller show." >> caller: howdy. i just want to say a couple of things here that are very serious. the first thing is i'm a gay man in south dakota and i work for a company -- i applied for in an ad in the paper here in my town where i live and there's a 90-day period that you have to work before you can get the job. so they worked me up to the 90th day and i was fired. and i asked why, and they said we
the violence unacceptable. >>> and back here at home, we get a new snapshot of the economy this morning, when the government releases its jobs report for the month of november. it's believed that several factors combined seriously hampered last month's hiring. among them, concerns about the looming fiscal cliff. and other factors, as well. abc's tahman bradley has that story from washington. >> reporter: the fiscal cliff is still three weeks away. but the economy may have already taken a hit. economists predict the government's monthly jobs report, due out later this morning, will show that employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason job creation slowed. but worry over the fiscal cliff may have also had an immaterial pact. some economists believe that 200,000 fewer jobs thhave been created this year, due to uncertainty about the fiscal cliff. >> it's very important we get it done now. >> reporter: republicans and democrats are talking again. but still, no breakthrough. the parties are locked in a stalemate. president obama is demanding th
on the u.s. economy. the weekly unemployment numbers came in as they do every thursday. the labor department reported 370,000 americans filed for first-time unemployment claims. either way, either way, folks, your taxes will go up despite the haggling going on on capitol hill. you will be paying more to the u.s. government. stuart varney joins me now. so, stuart, that's the bottom line. this is what people i think across the country are starting to realize no matter what they negotiate, 2013 will be different for most of us. >> this is the untold tax story. everybody has been concentrating on tax the rich, yes or no. but the payroll tax holiday goes away january 1. neither political party wants to keep it going, therefore the tax -- the social security tax for everybody who works goes up as of january 1. that will take $120 billion out of the economy. it is a tax increase of $120 billion. martha: the bush tax cuts and letting them go versus this increase. how does it all balance out? >> reporter: just consider this. you reported 370,000 people filed for first-time unemployment cla
have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund for single family loans from seeking federal funds, the f.y. 2012 report suggests that much more needs to be done to prevent such a draw. i want to hear more today about the administration's actions and proposals to minimize the risk to taxpayers stemming from their business and what safeguards are in place to ensure the quality and sustainability of the program. if the administration's actions and proposals will not be sufficient to restore f.h.a.'s fiscal health, i'm inclined to work with my colleagues on both sides of the aisle on the banking committee to find a bipartisan way to make shoo -- that happen. before i turn to ranking member shelby, i want to rec
of f top financial people i talked to this week the economy is likely to take off and save a l of grief and make everybody feel a lot better. congre will benefit from that as well as the president. that is why he needs to get it done. >> in the senate, who is likely to move on this? olympia snowe? lugar? scott brown? >> you have identified some of the usual sususpects. the problemsproblem republicans have iss this -- you have people like scott brown in massachusetts, linda lingle in hawaii heather wilson in new mexico who were good statewide candidates with good credentials who lost for one reason -- they had "r" next to their name. it did not hurt heidi heidkamp or jon tester. this is an albatross for the republicans to deal with. the president knows he has the advantage, and the republicans have to get beyond this if they become combative as a party. >> any wiggle room in the house charles? >> i don't understandnd when colby says that for the president raisising rates is s a matter of principle. there is no principle here. the president himself said at the july 2011 press conference
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